Boston Scientific (BSX) FY2023 results: revenue $14.2 billion, up 12.3% on the year

Boston Scientific Corp. (BSX) reported revenue of $14.2 billion for fiscal 2023, the year ended 31 December 2023, up 12.3% on the year before. Net income was $1.6 billion, up 144.5%, and diluted earnings per share $1.07. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2024.

Revenue

$14.2 billion

+12.3% on the year

FY2016FY2023

Operating margin

16.5%

13.0% a year earlier

FY2016FY2023

Net income

$1.6 billion

+144.5% on the year

FY2016FY2023

Diluted EPS

$1.07

+137.8% on the year

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	14,240	12,682	11,888	+12.3%
Cost of revenue	4,345	3,956	3,711	+9.8%
Gross profit	9,896	8,727	8,177	+13.4%
Gross margin	69.5%	68.8%	68.8%
Research and development	1,414	1,323	1,204	+6.9%
Selling, general and administrative	5,190	4,520	4,359	+14.8%
Operating income	2,343	1,649	1,199	+42.1%
Operating margin	16.5%	13.0%	10.1%
Interest expense	265	470	341	-43.6%
Pre-tax income	1,985	1,141	1,076	+74.0%
Income tax	393	443	36.0	-11.3%
Effective tax rate	19.8%	38.8%	3.3%
Net income	1,570	642	985	+144.5%
Net margin	11.0%	5.1%	8.3%
Diluted EPS	$1.07	$0.45	$0.69	+137.8%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2023	FY2022	FY2021	On the year
Operating cash flow	2,503	1,526	1,870	+64.0%
Capital expenditure	711	588	554	+20.9%
Free cash flow	1,792	938	1,316	+91.0%
Free cash flow margin	12.6%	7.4%	11.1%
Cash from investing	-2,574	-2,011	-1,597
Cash from financing	5.0	-548	-95.0
Depreciation and amortisation	1,196	1,136	1,093	+5.3%
Share-based compensation	233	220	194	+5.9%
Buybacks	n/a	0.0	0.0
Dividends paid	28.0	55.0	55.0	-49.1%
Diluted shares, weighted	1,464m	1,440m	1,434m	+1.7%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	19,282	17,573	16,622	+9.7%
Non-controlling interest	248	0.0	n/a
Debt	9,102	8,915	9,065	+2.1%
Operating lease liabilities	390	347	389	+12.4%
Other liabilities	6,114	5,634	6,153	+8.5%
Total liabilities and equity	35,136	32,469	32,229	+8.2%
Fixed assets	2,859	2,446	2,252	+16.9%
Goodwill	14,387	12,920	11,988	+11.4%
Intangible assets	6,003	5,902	6,121	+1.7%
Securities held for sale or to maturity	n/a	1.0	0.0
Cash and equivalents	865	928	1,925	-6.8%
Inventory	2,484	1,867	1,610	+33.0%
Other assets	8,538	8,405	8,333	+1.6%
Total assets	35,136	32,469	32,229	+8.2%

10-K for the year ended 31 December 2023, filed 20 February 2024: the filing.